Market study clarifies: majority of survey respondents want to switch to electric cars
A recent Kantar survey shows that more than 2.500 cross-brand drivers in Germany, the USA and China want to switch to an electric car in the coming years. The majority prefer the financial and mobility service providers of the manufacturers as partners. This means that financing and mobility service providers will play a key role on the way to electromobility.
In all three markets, a large majority of respondents can imagine driving an electric car within the next five years. In comparison with the other countries, China stands out with 96%. However, also in Germany (80%) and the USA (68%) the trend clearly goes towards electric vehicles. There was also a strong interest in financing options: Of the respondents interested in electric cars, 66% of the German and 65% of the American study participants stated that they would purchase the vehicle via a financial product (financing, leasing or car subscription).
Online purchase is increasingly popular globally, respondents open to in-car payment
Also digital offerings are increasingly popular: online contact with the provider is increasingly important and considered equally important as personal contact for the majority of respondents. The most open market for in-car payment is currently China (46%). Potential users consider this service a key competitive advantage of a provider over other providers.
"We perceive a clear push towards e-mobility and a desire for more financial flexibility among car drivers. The study thus confirms our strategy of paving the way to green mobility with flexible financing options. The digital sales channel is playing an increasingly important role in this, but personal advice remains relevant. For years, we have been driving the digitalisation of our offerings and the integration of digital and physical customer touchpoints at Mercedes-Benz Mobility to provide our customers with a seamless experience and the highest level of service across all sales channels."
Chairman of the Board of Management of Mercedes-Benz Mobility AG
Financing is still the preferred option
According to the study financing is still the preferred option (46%) among all financing options, followed by car subscriptions and vehicle leasing. Especially users who have already financed or leased their current car would choose financing options again for their next vehicle.
The manufacturers' financial service providers have a significant influence on brand loyalty: for almost half of the study participants (45%), the services provided by the financial service providers play a significant or very significant role in their considerations to choose a brand again. According to the respondents, Mercedes-Benz Mobility is regarded a trustworthy, innovative, and customer-oriented financing partner in all three markets.
"The study shows that financial service providers play a key role in the choice of a vehicle brand. For the customer, car manufacturers and their financial service providers are strongly intertwined. A key success factor is an integrated customer experience. Mercedes-Benz Mobility works intensively with the vehicle brand to create such exceptional customer experiences."
Chief Customer Officer and Member of the Board of Management of Mercedes-Benz Mobility AG responsible for Sales & Marketing
About the study
Global Trends in Automotive & Financial Services is a market study that recurrently examines customers' expectations of modern mobility service providers regarding financial products and purchasing processes, as well as the influence of financial services on car purchases. It was first conducted in 2022 by the market research institute Kantar on behalf of Mercedes-Benz Mobility. Between January and February of this year, a total of 2,605 individuals from Germany, the USA and China took part in an online survey with 36 closed questions and two open questions. Kantar surveyed drivers of premium cars across all brands who had acquired their current vehicle either by means of financing options (financing, leasing) or by direct purchase.